Australia’s extraordinary economy – thanks to mining

Australia is in the midst of an “extraordinary” boom in business investment, led by the mining sector, that shows no sign of letting up.

And that growth will continue for some time to come, according to figures released on Thursday by the Australian Bureau of Statistics.New spending by the mining sector, which is mainly concentrated in Western Australia and Queensland, is projected to soar by 85 per cent to a whopping $95 billion in 2010/11 and by another 62 per cent in the next financial year.

The ABS data shows new capital expenditure fell by 0.3 per cent in the December quarter of 2011. But the decline is more than offset by a 14.6 per cent surge in the previous quarter and capital expenditure is 30 per cent higher than the previous year. “That is an extraordinary amount of strength in our economy,” Treasurer Wayne Swan told Parliament.”It’s providing a bedrock of support for our economy, for economic growth and for jobs.”

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